Many businesses, including accounting firms in Singapore, are worried about the survival of their business during the Covid-19 pandemic. Companies that are considered non-essential have all shut their doors.
For accounting firms that have been struggling before the circuit breaker, the question on their mind is now a question of survival.
What can I do to keep my team afloat amid Covid-19?
Here are some of the steps that we think are critical in making sure you and your team cope during these stressful times.
1. Reduce your Expenses
This should be a distinct strategy. If you had capital spending plans, can they be suspended temporarily? Also, try to cut down on unnecessary spendings. Can your team work remotely? If they can, stop paying the rent if possible.
2. Push External Communications
During a global health crisis such as we find ourselves, your greatest commodity is trust. Find time to reassure your clients, stakeholders, and the general public that your firm is taking all the appropriate steps to fight the virus.
Social media is a useful tool for information dissemination at a time like this, as well as a tool for gathering information from clients.
3. Run risk Assessments
Although you may have an existing risk assessment, it may no longer be viable during this pandemic. Set up a new one with a focus on hygiene and safety measures needed to safeguard humans, finances, and operations during the pandemic.
4. Care for your People
Ensure that there’s robust and frequent communication between team members and managers to understand how they are personally impacted by the virus and provide support where possible.
5. Stay Available
Ensure that all your communication platforms are on — including instant messaging, emails, and phone. If a team member or customer needs to convey a message urgently, they can easily reach out to you over the web. Also, use platforms like Google Meet that give you the capability to hold meetings remotely.
6. Keep Distractions to a Minimum
Avoid distractions as much as you can when working from home. Turn off the TV. Shut the doors. If you have kids at home, establish some ground rules for when you’ll be working.
There should be little to no interruption unless it’s important. If you get easily tempted by anything that distracts you, we suggest changing your workspace to a different room.
7. Track Your Productivity
Take stock of the day’s productivity — a written statement of what the team was able to accomplish for the day. It is an excellent way to track whether or not the team is productive while at home or if there’s a need to do more.
8. Enjoy a Break
Losing focus is understandable, and you may need to step away from the computer. It’s okay to get up and walk around a bit. If possible, go for a short walk.
Remember to tell other team members and managers if you intend to stay away from the computer for an extended period. After your walk or stretch, you can come back from your breaks refreshed and refocused.
9. Look to the Government for Help
Have you heard about the stimulus package? If you haven’t, learn about it. Your firm could benefit from the package and help keep your team afloat.
Does your team qualify low-interest loans? Find out what it takes to qualify. Also, find out if your state is offering financial support on a local level. Some countries/states are allowing businesses to defer tax payments.
Working from home is an excellent way to contribute to flatten the curve of the virus and reduce exposure to illness and any type of public health emergency.
With the above strategies, you can keep your accounting team afloat during this pandemic. For more details, feel free to get in touch with us.